QuestionsQuestions (CDA)
Any provision or matter stated in the Articles of Cooperation may be amended by a two-thirds (2/3) vote of all members with voting rights.
Yes. Dissenting members retain the right to withdraw their membership under Articles 31 and 32 of the Code, without prejudice to their right to withdraw.
They take effect upon approval by the CDA or within thirty (30) days from the date of filing if not acted upon by the Authority for a cause not attributable to the cooperative.
No. The guideline states that no amendment shall be valid prior to its approval by the Authority.
Amendments must be indicated by underscoring or otherwise appropriately indicating the change or changes made, and the original and amended articles together must contain all provisions required by law.
The resolution of the general assembly must be certified under oath by the cooperative secretary and a majority of the board of directors stating that it was approved by the required vote.
The cooperative must submit: (a) four (4) copies of the general assembly resolution approved by two-thirds (2/3) of all members with voting rights; (b) four (4) copies of the amended Articles of Cooperation or By-Laws; and (c) the registration fee.
They must contain the amendments sought to be approved properly indicated by underscoring or another means, with the provisions to be changed enclosed in parentheses or brackets.
The Authority’s Office having jurisdiction over the type and category of the cooperative.
The required registration fee shall be paid after the approval of the amendments.
Upon filing, the CDA fully evaluates the amendments with due regard to the Cooperative Code and other relevant laws, and at its option may hold hearings, take testimonies, and decide upon the amendments.
For cooperative banks, the proposed amendment should be presented first to the Central Bank.
Upon approval, the amendment shall be in force and effect and shall validly bind the cooperative.
They may exercise their right to withdraw their membership in accordance with Articles 31 and 32 of the Cooperative Code.
Yes. All issuances, orders, circulars concerning amendments of Articles of Cooperation and by-laws of cooperatives previously issued are repealed.
They shall take effect upon approval of the Board of Administrators.